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Do the Near-Elderly Value Mortality Risks Differently?

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Author Info
V. Kerry Smith (North Carolina State University)
Mary F. Evans (University of Tennessee at Knoxville)
Hyun Kim (Portland State University)
Donald H. Taylor (Duke University)

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Abstract

Wage hedonic models are estimated with the Health and Retirement Study to measure the risk-wage tradeoffs (value of statistical lives) for older workers. The analysis explicitly allows for multiple employment states, including retirement, using a multinomial selection model. The results suggest that the oldest and most risk-averse workers require significantly higher, not lower, compensation to accept increases in job-related fatality risks. Copyright (c) 2004 President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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File URL: http://www.mitpressjournals.org/doi/pdfplus/10.1162/003465304774201842
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Publisher Info
Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 86 (2004)
Issue (Month): 1 (03)
Pages: 423-429
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Handle: RePEc:tpr:restat:v:86:y:2004:i:1:p:423-429

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  1. Aldy, Joseph E. & Viscusi, W. Kip, 2007. "Age Differences in the Value of Statistical Life: Revealed Preference Evidence," Discussion Papers dp-07-05, Resources For the Future. [Downloadable!]
    Other versions:
  2. Thomas DeLeire & Christopher Timmins, 2008. "Roy Model Sorting and Non-Random Selection in the Valuation of a Statistical Life," NBER Working Papers 14364, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Bommier, Antoine & Villeneuve, Bertrand, 2008. "Risk Aversion and the Value of Risk to Life," MPRA Paper 11943, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. Andersson, Henrik, 2006. "Willingness to Pay for Road Safety and Estimates of the Risk of Death: Evidence from a Swedish Contingent Valuation Study," Working Papers 2006:5, Swedish National Road & Transport Research Institute (VTI).
  5. repec:bep:eapcon:v:5:y:2006:i:1:p:1524-1524 is not listed on IDEAS
  6. Mary F. Evans & V. Kerry Smith, 2008. "Complementarity and the Measurement of Individual Risk Tradeoffs: Accounting for Quantity and Quality of Life Effects," NBER Working Papers 13722, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Aldy, Joseph E. & Viscusi, W. Kip, 2006. "Adjusting the Value of a Statistical Life for Age and Cohort Effects," Discussion Papers dp-06-19, Resources For the Future. [Downloadable!]
    Other versions:
  8. Sheryl Ball & Catherine C. Eckel & Maria Heracleous, 2008. "Risk Aversion and Physical Prowess: Prediction, Choice and Bias," Working Papers e07-11, Virginia Polytechnic Institute and State University, Department of Economics. [Downloadable!]
  9. Dimova, Ralitza & Nordman, Christophe Jalil & Roubaud, François, 2008. "Allocation of Labour in Urban West Africa: Implication for Development Policies," IZA Discussion Papers 3558, Institute for the Study of Labor (IZA). [Downloadable!]
  10. Viscusi, W. Kip & Aldy, Joseph, 2006. "Labor Market Estimates of the Senior Discount for the Value of Statistical Life," Discussion Papers dp-06-12, Resources For the Future. [Downloadable!]
    Other versions:
  11. Krupnick, Alan & Alberini, Anna & Simon, Nathalie & Itaoka, Kenshi & Akai, Makoto & Cropper, Maureen, 2005. "Age, Health, and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey in Japan," Discussion Papers dp-05-34, Resources For the Future. [Downloadable!]
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